ACC 200 Exam 1 Actual Questions And Correct Detailed Answer Guaranteed Pass.
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Course
ACC.
Institution
ACC.
accounting - correct answer the process of identifying, measuring and communicating economic information to permit informed judgements and decisions
-the language of business
basic accounting formula - correct answer assets=liabilities + stockholders equity
stockholders equity - co...
historic cost principle - correct answer record initially the activities of a company at cost
-assets should be recorded and reported at the cost paid to acquire them
revenue recognition principle - correct answer revenue should be recorded when a resource has been
earned
matching principle - correct answer expenses should be recorded in the period resources are used to
generate revenue
conservatism principle - correct answer avoids overstating assets or income in the preparation of
financial statements
, full disclosure principle - correct answer reveal any info that makes a difference to financial statement
users
economic entity assumption - correct answer financial activities of a business should be accounted for
separately from the business's owners
monetary unit assumption - correct answer organizations are to report their financial results and
activities in monetary units
time period assumption - correct answer divides the life of the organization into artificial time periods
to report results over short periods of time
going concern assumption (continuity) - correct answer the company for which we are accounting will
continue its operations into the foreseeable future
understandability - correct answer can be comprehended by someone with a reasonable knowledge
of business and finance
relevance - correct answer the capacity of accounting information to make a difference in decisions
reliablity - correct answer the extent to which accounting information can be depended upon to
represent what it is suppose to represent, both in description and numbers
comparability - correct answer achieved when different companies use the same accounting methods
-used to compare and contrast between companies
consistency - correct answer application of the same accounting principle by a single company over
time
materiality - correct answer the threshold at which a financial item begins to affect decision making
steps to get a financial statement - correct answer 1. income statement
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